While vulnerability and poverty go hand in hand, insurance holds the promise of breaking a part of the perpetuating cycle. Yet, to be most effective, insurance should be part of a broader menu of financial services that includes savings, credit and money transfers, which can collectively enable the working poor to manage a diversity of risks.
Through this partnership, the ILO's Impact Insurance Facility will stimulate product innovation in Asia benefiting low-income households and small enterprises. The project will also facilitate the development of inclusive insurance markets in two Latin American countries
Under the partnership, the following activities will be carried out:
- Supporting the development of integrated risk-management solutions for low-income households and small enterprises at five financial institutions in the Philippines, Indonesia and India.
- Facilitating the development of inclusive insurance markets in Brazil and Mexico, where the Facility will build the capacity of the local insurance industry.
- Setting up of a knowledge platform in Spanish and Portuguese, in partnership with the Microinsurance Network and FIDES (Inter-American Federation of Insurance Companies). This platform will facilitate exchanges among key stakeholders to overcome barriers to serving emerging consumers.
- Documenting and sharing of lessons learned from the innovation and market development component, using the Facility’s knowledge tools, which includes publications, case briefs, trainings, emerging insights and webinars.